2014

Description: ... in that paper, has a significant impact when a sovereign debt restructuring is initiated. ... a treaty-based approach over 10 years ago, with the SDRM. ...Date: October 09, 2014
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Description: ... by recapping the IMF's current legal and policy framework for sovereign debtrestructuring. ... community at this stage for an SDRM-type approach. ...Date: May 23, 2013
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Description: The IMF is taking a fresh look at sovereign debt restructuring, with a robust work agenda on this issue in the coming months, said Hugh Bredenkamp, Deputy Director of the IMF’s Policy, Strategy, and Review Department.
Date: May 23, 2013
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2006

Description: ... 4 B. The Scope and Outcome of Sovereign Debt Restructuring with the Private Sector 8 C. Debt Dynamics Around the Time of Restructuring ...Date: August 29, 2006
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2003

Description: ... At its Spring 2003 meeting, the IMFC concluded that it was not now feasible to establish the Sovereign Debt Restructuring Mechanism (SDRM). ...Date: September 03, 2003
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Description: At its Spring 2003 meeting, the IMFC concluded that it was not now feasible to establish the Sovereign Debt Restructuring Mechanism (SDRM). It did, though, agree that work should continue on issues raised in discussion of the SDRM that relate more generally to the orderly resolution of financial crises, including aggregation. There is now a growing recognition that a legal framework that aggregates different creditor claims for voting purposes could help the restructuring process. It could be of particular benefit in resolving collective action problems. The challenge is to devise a framework that maximizes the potential benefits while minimizing the risks.
Date: September 03, 2003
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Description: This paper discusses the process for restructuring sovereign debt within the existing legal framework. This is a first step in responding to the IMFC's request for the Fund to continue its analysis of issues that are of general relevance to the orderly resolution of financial crises. Drawing on recent work and experience in debt restructuring cases, the paper focuses on information gaps that inhibit debtor and creditor decision-making, and sequencing and coordination issues. The paper does not attempt to provide a definitive treatment of these issues, but is intended to provide the Executive Board with an overview and an assessment of recent experience.
Date: August 01, 2003
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Description: This paper follows up on the Executive Board's December 2002 discussion of the design of the Sovereign Debt Restructuring Mechanism (SDRM) and seeks to make further progress on the formulation of a concrete proposal for a statutory sovereign debt restructuring mechanism that could be presented to the IMFC in time for its April 2003 meetings.
Date: February 12, 2003
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Description: This paper discusses a range of economic policy issues that arise when a sovereign debt restructuring is part of the crisis resolution framework. Sovereign debt restructuring will typically take place in very difficult macroeconomic circumstances, requiring a policy response that confronts the widespread disruption that is likely to occur. Efforts to restructure sovereign debt will generally need to be complemented by a wide range of other measures to help a country to emerge from the crisis and to regain sustainability. A successful restructuring will require coordination both with the country's economic program and between a diverse group of domestic and external creditors.
Date: January 28, 2003
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Description: ... The Sovereign Debt Restructuring Mechanism (SDRM) is a proposal from the IMF designed to fill a gap in the global financial system for dealing ...Date: January 22, 2003
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Description: This paper is a first step in responding to the request by the IMFC that the Fund develop, for consideration at the IMFC's meeting in April 2003, a concrete proposal for a statutory sovereign debt restructuring mechanism to be considered by the membership.
Date: November 27, 2002
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Description: ... on the assurance that their claims would not be captured in a sovereign debtrestructuring. 73. Although the provisions of the SDRM could contain a ...Date: November 27, 2002
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Description: ... aspects of the two proposals to improve the process of sovereign debtrestructuring. ... we can carry forward the discussion of the SDRM, by focusing ...Date: September 04, 2002
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Description: The Fund is considering two approaches for securing a more orderly and transparent framework for sovereign debt restructuring: a contractual approach aimed at promoting the use of contractual provisions to facilitate collective action by creditors holding international sovereign bonds, and a statutory approach, which would enable a sovereign debtor and a super-majority of creditors to reach an agreement binding all creditors across the aggregated debts of the sovereign, paying due regard to the seniority of claims.
Date: August 14, 2002
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Description: ... Section II of the paper revisits the rationale for the Sovereign Debt Restructuring Mechanism (SDRM) and distills a number of its key features.4 ...Date: August 14, 2002
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Description: During the past several years there has been extensive discussion inside and outside the IMF on the need to develop a new approach to sovereign debt restructuring. Exploring ways to improve the sovereign debt restructuring process is a key part of the international community's efforts to strengthen the architecture of the global financial system. This pamphlet is intended to draw together the latest state of our thiking in a single publication.
Date: April 16, 2002
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Description: I believe you all have a copy of the speech I'm giving tonight. What we are trying to do in that speech is to explain how our thinking on sovereign debt restructuring has progressed since I first spoke on the subject last November.
Date: April 01, 2002
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Description: ... referred to as the Sovereign Debt Restructuring Mechanism - SDRM), presented by the First Deputy Managing Director of the ...Date: March 01, 2002
Type: PDF Size: 100 KB
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